Yesterday, I posted a list of credit unions that were grandfathered from the aggregate member business loan cap of 12.25 percent of assets; because these credit unions were either chartered for the purpose of making member business loans or have a history of primarily making member business loans.
Among the credit unions listed is Realtors FCU (charter # 24806).
This credit union was chartered in 2008 -- a decade after the Credit Union Membership Access Act enacted the business loan cap and grandfathering provisions.
I don't know how it qualifies to be grandfathered.
Perhaps because it was chartered to make member business loans. That language was part of CUMAA (HR 1151) that was appliable to all FCUs. There is no form of the verb "to be" before chartered.
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